Carney Says Scotland Credibility Hinges on Reserves Buildup
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Mark Carney said an independent Scotland might need to build up reserves totaling more than the size of the nation’s economy if it tries to keep using sterling.
With two surveys showing the referendum on splintering the three centuries-old union is too close to call, U.K. lawmakers yesterday pressed the Bank of England governor on his contingency plans and what financial pressures Scotland would face if it broke away. Carney said the London-based BOE has measures ready to support financial stability in the short term.